What is/are the purpose/purposes of the 'Marginal Cost of Funds based Lending Rate (MCLR)' announced by RBI? 1. These guidelines help improve the transparency in the methodology followed by banks for determining the interest rates on advances. 2. These guidelines help ensure availability of bank credit at interest rates which are fair to the borrowers as well as the banks. Select the correct answer using the code given below.

Option (c) is correct because the MCLR framework was introduced to enhance transparency in how banks calculate lending rates and to ensure that interest rates are "fair" by being more responsive to changes in the RBI’s policy rates (transmission). A tempting wrong choice is (a), which occurs if one assumes the guidelines only focus on procedural transparency without recognizing the broader objective of balancing bank profitability with borrower benefits. The core concept tested is **Monetary Policy Transmission** and the evolution of internal benchmark lending rates in India.